>> floor traders. what these people did is prevented flash crashes, they are here in times of emergency. tracy: wall live the floor traders, machines only get you so far. i am liz claman. this is "countdown to the closing bell". charlie gasparino always getting to the heart of the matter. he broke the story first, had this to be for anybody else, the intercontinental exchange, only 12 years old, 200-year-old for $802 billion in cash and stock at here is the reaction. the stock jumping 33%. people wanted a deal for this company. it has been years they have been trying to squeeze out a merger. inter-continental the exchange up 1/2%, the nasdaq interestingly enough up 2-2/3%

and they're the losers because they wanted to buy and icy. cme group down 2.5%. the deal works out to $33 a share, a dirty% premium. you have them all electronic exchange just 12 years old based in atlanta with the size and scale of commodity futures like brent crude oil plus interest rate derivatives is huge and you combine it with the parent of the oldest exchange in the u.s. 200 years of independence. charlie gasparino taking us through the day. when you got the first call yesterday and broke the story, what did you hear? charlie: the journal had a first headline, i heard something about this. i do not confirm the first interview but they had headlines of the merger. i was hearing it was a full out acquisition, the new york stock exchange getting bought by the intercontinental exchange and

that blew me away. it is an amazing story. we fight for seconds here. going on the air, basically saying at the new york stock exchange about the taken over, this is not a merger of equalss, this is a takeover of the most venerable, one of the most venerable institutions in american finance, the new york stock exchange. it is been there since the old button agreement. [talking over each other] charlie: that is why they call it -- they became essentially a club of freighters under that and expanded to much bigger than a tree, beautiful headquarters, but here is the thing. when i started to digest it it was a phenomenal story. the intercontinental exchange was created only 12 years ago by jeff springer, a longtime executive in the energy industry. people don't realize energy is a

commodity, commodities are traded in exchanges locking in costs. he came up with a system to forget about the pits of chicago where people ice-cream at each other or new york, the new york mercantile exchange, let's do electronically and he created this thing, the intercontinental exchange and what is great about this is it is something to be said for the stock exchange remaining independent but they are now part of an american company and an american entrepreneur created $10 billion of wealth, that is what the market cap was before the deal and when you buy something your stock usually goes down a little bit, created $10 billion worth of wealth of market cap in ten years, something to be proud of and buying the stock exchange. not selling for the germans.

[talking over each other] >> regulators time it. charlie: regulators in europe, eyes and nasdaq attempt over the stock exchange on antitrust grounds, your company is in one place. i don't think they're going to do that. [talking over each other] tracy: attempting that. charlie: this is a perfect fit, not much overlap. they will sell some stuff, but i think this is a perfect fit. duncan neiderauer had no choice. we should have a chart on trading volumes and this tells the story. since 2008 it has gone downhill except for a couple blips. [talking over each other] charlie: that shows you where it is going. in 2009 was pretty high, talking

about less than half in a few years so they needed to do the deal and -- liz: floor traders you were the one reporter who asked about that. these guys wondered, an electronic exchange -- charlie: that is a pretty big story and other places don't cover that, they are not doing their viewers any good because what is it that this new business model has to offer over the nasdaq. there are people..o cf1 o that is the selling point. if you had a flash crash, stepped in between and rationally figure stuff out. the electronic trading for most of his career, when he came to the stock exchange. they both have appreciation for

what the floor is. and you need something -- before i know, the floor traders tomorrow, there's a business model reason, that is what they told me. liz: that is important. the machines go crazy. charlie: to get carried duffy or bob greifeld. liz: schedule did not permit it, a good effort. charlie: bob greifeld said the same thing. i don't blame him for not wanting to go out, competitive, small player, competitive issues they have to do something to deal with this, all publicly traded companies. we should take a look. liz: it is up 2%.

charlie: people see them as a takeover target. what is cme doing? liz: it was down. the only exchange that was down. here is nasdaq. liz: charlie: people think they might be the buyer of nasdaq. people think -- cme -- this is what is out there -- is going to buy the nasdaq -- that is what is going on in the markets and why cme is down and nasdaq is up. i have been out there asking people is there any talk about this? i can't get a good read on it but that is down 2%. there is competitive pressure with this deal, people are saying the cme will buy nasdaq, acquire stock goes down, the person that is being acquired, that stock goes up because people buy your shares. that is what we get. of market is saying there's a deal, cme nasdaq. [talking over each other]

liz: we will be watching. great job, charlie. when did you get the call yesterday? charlie: i am not getting into that. i don't reveal sources. liz: all the e-mails, we were -- charlie: we were on the air almost immediately. and we made the look bad. i know when i was there that would never happen. never. we torched them. [talking over each other] charlie: celebrated with a couple martinis. liz: thank you. in terms of the market -- charlie: did well -- liz: colleagues at the journal. in terms of markets we are bouncing around, 49 times we crossed the flat line for the dow jones industrials. that means the search for direction is on an folks trying to gauge what is happening in washington. let's look where we stand with floor traders. mark, your floor traders will stay according to the ceo of ice

and the nyse-listed >> the holliday, a lot of traders hoped technology would make strides and humans are still needed. we have a lot of reasons to be optimistic in 2013. the market has been acting well, resilience, december's the best month for the s&p up on average 1.7%. we have seen good breakouts recently in materials and industrial and financial so the market plays well. it still looks like we should push hy into your end. liz: your calling for 1470. we only have a few trading days left and we are at 1442. this is where we are, 1442. >> a good move down in the u.s. dollar. that should eventually act as support for commodities. you see negative correlation and my thinking is we should push higher and no reason for us to pull back at least in the short run. we have seen a little bit -- liz: not even if there's no deal

before the end of the year? >> even though it has been no deal there still resilience even to stay positive. we have been dragging this ahead of a horse and investors actually have been buying protection which is interesting. of vix has moved up 12% last couple days ahead of exploration. liz: want to let everybody know the house has voted on the so-called plan b, the procedural vote for plan b which was one speaker of the house john boehner put forward. we want to let everybody know where the markets are. we are 23 points. we will see if this has any move but it has passed. the president said he would veto it. let me get to charlie in the cme pits, look. a floor trader is always happy to hear other floor traders are going to live but what went through your mind when you saw charlie's interview? he said we need these guys. humans of always mattered to versus electronic which we know

can go haywire. >> i hope they make a better goal of the equity market than the futures markets because quite frankly i traded a lot of futures markets that are traded options in and it is hard to find settlement prices hours after the market closed. when you look at the liquidity of a lot of the stocks i think eyes hurt more than helped that situation. you saw a lot of liquidity dry up once they moved to the computers. there is something to be said for transparency but we will see what happens and how they trade the equities but it has not been such a great self the commodities. liz: look at any exchange, trading glitches or the flash crash. i am all for you guys. let me get to the nymex comments. we are talking about gold, you got to show this at the moment. gold again, this isn't just a blip of a move, once again we are dropping $19 and that is not even though low of the session.

what is going on? >> we're seeing tremendous liquidation over the last three four days. we saw a lot of buying in the pits but fortunately the floor trading still exists. we are seeing a lot of buying a pre-emptive from 1750 down to 1700. i don't know that somebody is stopping themselves out of the long position or not but we are seeing a lot of liquidation. i think personally it could be because the bush tax cuts are ending and it makes sense for any fund or anybody who's long goal to has a low-cost base is to liquidate now and 3 initiate in the new year. >> i have a follow-up on that. specifically what was and options trade on tuesday and rumored to be a chinese rolling position, they sold 75 calls, all those in effect, 675 calls,

the scuttlebutt on the street is these are a hedge, that they are hedging along, futures position. technically you came through the 200 day moving average the same day you hit the ten day moving average. we are down on major support, down on the 100 week moving average. liz: the fat tuesday's trade charlie talked about happen overnight and people said what is going on with gold? absolutely right on that. thanks for the color commentary. we love you guys, long live the floor traders. closing bell ringing in 38 minutes. dog eat dog world in the trading pits, especially for those exchanges, spreads in volume is down, water flow is not what it used to be. thomas caldwell is chairman and ceo of coldwell securities. this term as millions of shares and at one point he was the largest shareholder, find out why he thinks the night she had to do this, we are also finding out whether he is concerned how

this will integrate and analysts say the record has been sloppy. we have an coming up. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery.

liz: carl icahn not having a lot of law, his plan to combine railroad operators took a detour. and you need to hear this, jeff flock at the cme watching in massive snowstorm develop and you first. nicole: let's talk about these rail cars and carl icahn, this is what is going on. carl icahn trying to merge american rail car. there's american rail car down 8-1/4 prison with larger rival green briar down 12%. a huge move for these two companies but as i noted now he has been forced to sweeten his proposal because now target has made a counteroffer so it is a back-and-forth who is going to win this one, it is not for sale.

and this cash by $2, $22 a share. this is subject to the green byre shareholders' approval. it is a back-and-forth, i am taking you out, this is like a poker game. in the meantime stocks are losing big time. liz: we have a lot of people picked that stock. we're watching that closely. let's talk to jeff flock, huge midwestern storm. do you see it yet? what is it going to prices? >> raining like heck out there. why do traders love a snowstorm? look at the map? there is volatility in the markets. all through the midwest, a foot or more portions of the upper midwest and look at what that has done, if you bought natural-gas futures and getting beaten down last couple weeks you can pay off 3% for natural gas, not only is there going to be snow but a lot of coal

heading for heating oil up 1%, so good news there as well. here is the thing about the snow and precipitation. that is a drought mitigating. huge sell-off, corn, beans and wheat all down, down $7 a bushel, 1% down $0.07, beans were down $0.30 down almost $14 a bushel and the first time since may under a dollars a bushel down 2%, $0.16. traders love today, look at blood mess behind me. was a good day. [talking over each other] liz: i have been there. thank you very much. you saw that storm barreling down. can't blame this on the alberta clipper this time. don't blame the canadiens for everything. we heard from charlie gasparino

about the deal, the long independence stock exchange and very an intercontinental exchange, combining forces but what does it mean for shareholders. not bad if you want two million shares depending on where you bought it because it is jumping 33%. joining us now thomas caldwell has a lot of this stuff. you have two million shares. correct? >> portfolios are managed, two million shares--a lot more than that. liz: you were at one point largest shoulder -- shareholders, what was your cost basis? are you above water? it sold out depending when you bought it. >> in this final position we will probably be getting some profit. not get rich profit but great for profit. liz: so first --

>> a ferrari here. obviously it is a positive thing for shareholders. stock has been willing wishing ever since the failed. aborts merger. it is down $8 and they're about but popped out from that ritter possibility. should have been approved. this won't have the same problems but the stock dipped in the 20s and has been climbing back, 23, 24 and had this bounce yesterday so people are happy with that. is a tough business. the cash equity business has been obliterated in america for and parts of the world but particularly in the u.s.. liz: we were showing the volume coat over the past several years, you have seen it volatile but always on a trajectory that is downward and here it is, trading volume on the decline so they have to do something to survive. are you a little win some for the old nasdaq deal $42 a share

versus this one which is $33.12 a share? >> i don't know that when some is the word. [talking over each other] >> i am grateful no matter what is going on. the cash equity business, regulation, introduced hyper competition. it fragmented the market, pull off volume, squeezed margins and investors are investing less in cash equity. there has been so much in a way of scandals and regulatory overkill that people kind of walked away, looking at real-estate, new york had to cope with a diminishing high, and cash equities, and it is a smaller pie. they have to merge. to bring their costs down. and lay off their people. ice does get this international

future. and it is that pretty good idea. liz: as we finish up, the macro picture, are you have the on equities going into 2013. >> i am an incurable optimist, it is beautiful and you are right, don't blame it all on the canadians. look at the turmoil in america, america will eventually do the right thing after exhausting all the possibilities. you will get it right. liz: happy holidays, great to see you. thank you for getting in the chair force. he is in the money today. we will be right back. dow jones industrials losing much of its gain. we will see what happens by the closing bell. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong.

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>> holiday shopping may have inspired you to make money back through investing; right? you spent it on presents, and now you want to invest properly?

retail names could be expensive compared to other alternatives like reach, real estate investment trusts, that have exposure to the american consumers. david henry is kim co realty ceo, focused on retail, pay a juicy dividend. it's a great story because the stock is up 18% year over year, looking healthy right you. can we make the inferns that if stores are doing well, you're doing well because you can fill your leases nd maybe charge a little bit more? >> exactly right. the whole shopping industry is getting better, powered by the consumer that's still spending. retailers, especially the national retailers, are growing like crazy, adding stores, good for us shopping cementer landlords. >> the stock up with other ones like arcadia and others in the

space, but for you, you're on all regions of the map. they say real estate is low -- local, isn't it? which area is best for you? >> we're a national company and concentrate on the new york city metro, we have 80 shopping centers, and 140 in obama -- baltimore and wushz area. these are major cities, live, work, and play. >> one looking better than the other? >> the coasts are looking good, although, chicago is a major area. texas is a good strong market for us, good employment growth. >> 12% of the properties in california. we know california's financial situation is dire at this moment. i follow it closely. any erosion there or worrying trends? >> not so far. it's hard to build in

california. if there's an existing shopping center, it's going okay, like in los angeles -- >> leading me to the next question. a lot of the guys are sprucing up existing malls. there's not as much out right building, or what are you doing? what's the choice here? >> the economics are not there to justify new buildings. rents have not recovered to the levels they were years ago so in terms of buying land, getting it titled, zoned, and then building just doesn't make economic sense. it's easier to renovate and expand what you already own. >> we're showing what retailers are in most properties. walmart, sears, petco, best buy, and then dollar tree, t.j. maxx, ross, i don't know, is one area doing benter than another right now >> >> i think the analogy of a barbell works. the low eed discounts doing well, and the high end.

it's the people in the middle struggling for the right business model. >> you have a juicy dividend, 4.3%, but we have to let people know taxed at a regular income rate so if something happened in the fiscal cliff discussions, you're already taxed at 35%. >> exactly right making these dividends look better as ordinary taxes go up. >> absolutely. important point, folks, and bet ere than your savings account or treasury yield. 4.3%. what's not to love? good to see you. >> thank you, liz. liz: happy holidays. >> thank you. liz: closing bell ringing in 28 minutes. if you're trying to figure out who the winners in retail for the holiday season are, and, yeah, losers, too, you may need an edge, maybe somebody doing the leg work for you. don't lift a peter. wedon't lift a finger, we have

peter to do that, and he'll tell you what's hot and not. his fund beat the s&p500 by the wide margin, year after year, coming up next. ♪

girl: don't look at me. second girl: your hair's a bit frizzy today. aw! ha ha! you should pick that up. announcer: every day, kids witness bullying. poor you. ha ha! they want to help but don't know how. teach your kids how to be more than a bystander. visit stopbullying.gov. liz: finally the quarter that research in motion turns it around? probably not, but at least the blackberry 10 comes out in a month, and people are hoping on this one. let's get to the news room. blackberries. >> yeah, research in motion in the hot seat after close today, high anticipation of bb10 on

january 10th. the numbers we're looking for, expecting a lot, 35 cents per share on revenues of $2.66 billion. as far as blackberry 10, that's the key focus for any analyst earning comem tear -- commentary they make. this is what i know, i've been invited to a big splashy event here in new york city. the device and operated system tested by 120 institutions including 64 fortune 500 companies. there's two devices launched. one with the keyboard that we can't get rid of, and the other that we know and love and a touch screen device. already major u.s. and european carriers signed on board. we want to know more, however, any preorder details will move the stock, and we'll talk about that after close today. the stock up already ahead of those numbers as well.

liz: i don't know how the company fumbled such a massive market share. i know you are with me, i can't let go. you get the second phone for the pictures, but the -- don't forget we'll cover research in motion's earnings report after the bell the second numbers come out. we'll have them, and, oh, yes, nike as well. don't miss nike. supposed to be a hot seller, but the wii console caused a problem for a game maker. they had thousands and thousands of preorders ton this. >> i'm sitting with my friends, chatting about game stock, and he can't comment on it because he's trading on it, but it's down 5.5% right now for game stock, not ad good move there, under pressure, and that's because we have the analysts talking over, and they cut revenue estimates for game stop based on what they see from

nintendo, the wii u, and i know kids with that on their holiday list, but it's not all it's cracked up to be, and they will not see the sales from the wii u they hoped. the technical details of the system were disappointing so with that great review, not so great after all, that's why you see the pull back in game stop. liz: a nice performance over the year, i will say that for game stop. >> right, yeah. liz: thank you very much. so much of that is the supermario stuff my kid has to have. what is with that? okay. a fund manager beating markets off your holiday shopping. you have two extra shopping days this year. did you know that? peter dixon research analyst has an excellent record picking stores you shop at, and it's too early to see what the sales will be, but he's optimistic.

we have retail winners and losers. hi, peter, thank you for joining us. >> hi, liz, thank you for having me. liz: you're up 28% year over year, and just the fund manager i want in front of our viewers because you actually have a good track record of success. who looks good here with the winners? >> well, you know, i'm generally optimistic on retail this holiday season, but there's mixed signals out there, and i think that it's really too early to determine who the winners and losers are, but eng you do have to be -- i think you do have to be very selective. i'm looking for the best brands and categories because i think that leads to the best earnings growth, and i believe stocks follow earnings. best earnings growth should lead to the best stock performance. liz: how do you go about choosing that? warren buffet picks best in class or second best in class, a competitive mote around the

product, but what's your metrics in picking a stock to put in your fund? >> well, for me, it's really all about bottom-up fundamental analysis looking through financial statements, talking to companies, talking to consumers, looking at what's going on out in stores, but, really, just paying attention watching to see what brands are gaining traction, gaining momentum, what are popular, and, also, what categories are growing the fastest or have the potential to grow the fastest. liz: what categories are growing? the ones that really look healthy? >> sure. so there's, you know, footwear, accessories, handbag, things like that, a good example. liz: purses. >> exactly. liz: i don't know. it's a thing with women. we love brand new bag every fourth season, okay, every second season. okay. footwear specifically, look at what's in your fund, and we've got a whole bunch of names here,

but here's some stocks up there. is it more the athletic footwear, off price, or we have seen that some of the boots out there are not doing as well. i don't know if you own ugg, but it's not doing wonderfully. is there a specific, a sub sector here? >> well, speaking of footwear, certainly areas of athletic and fashion. boots have been doing well in general, but consumer tastes can change, and it really comes down to individual brands and styles that are resinating with consumers. liz: let's go with the retailer areas that you feel are price sensitive that might not necessarily do as well in 2013. >> sure. absolutely. well, if you look at the kind of moderate levels of apartment store -- department stores, certainly challenges there and areas of children's apparel retail. the teen space, generally doing well, but, again, be selective.

you have winners and losers, and i think there's some lagging in the teen space -- team space, and, again, you really have to be selective about an individual space. i could, you know, paint broad strokes. i talk about moderate department stores, but some could be doing well, and just a category right now, a little bit choppy is weather sensitive areas, and we know it's been warm, and we have a very unseasonably warm winter last year. certain areas of weather sensitive categories are more choppy, not weak across the board. liz: a couple snowstorms, one in the midwest coming. that could juice the stock. nice to see you, happy holidays. >> thank you for having me, liz. liz: up year over year 28%, he is the fidelity investments research and analysis portfolio manager.

closing bell in 16 minutes, uncertainty swirling into the year. we have cliffmas, as in merry cliffmas. look, where the markets freeze and thaw in 2013? that's what scott freeze says mite happen. get ready, he has a weather pattern he believes will happen with the markets, more than $50 billion in assets under advisement. he'll tell you what to watch for and when to buy. ♪ from the best players in history to the number 1 club in the world. the potential of manchester united unlocked. nyse euronext. unlocking the world's potential. can i still ship a gift in time r christmas? yeah, sure you can. great.

where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery.

liz: fox business market check,

cruise operators, carnival, lower by 6% here, a weak outlook for the fiscal year blaming the trend of cruise goers booking their trips closer to when they set sail for foggy visibility. this comes ahead of the wave season when travelers book the majority of year's business. right now, looking at shares there, royal crabbian down about -- caribbean down about 2% there. not a great day for the cruise lines. what are the tell-tale signs that tell us what the 2013 economy and markets look like? signals that tip us or money people out there, a, the mayan apocalypse, a baby bump, or, country, new tax laws in the u.s.. guess; right? scott freeze, street run financial president, the answers in the fox business exclusive. i know really smart people scared about the mayan calendar tomorrow.

like, dude, no, chill. you have 50, 5-0 billion under management. what are you thinking about in 2013 as far as investing is concerned and how it pertains to what the economy might do? >> first of all, no fiscal cliff deal. we're going over the cliff, best thing that can happen for us. people have to remember, even if there's a last minute deal, it looks like it's over the cliff. first quarter next year, probably a tough road to hoe. the market corrects 8%, unemployment still stagnant, won't turn around -- liz: how long does it last? >> three or four months. we're not looking at an an extended president, but companies have to figure out what's going on, how do the handle the tax situation, what's the rate, how do i handle obamacare and this. once there's a couple months of a known environment, they can position themselves for the future. like anything else, the economy's cyclical. it's been a bad depression or recession, whatever you want to call it, but we are coming out.

there could be a slight double-dip, but it's been something in my opinion, over emphasized. liz: watch out for a 8%-10% drop nearing the beginning? >> beginning of 2013. liz: not cash out, but how would you -- >> go into the value names because the value names look like risk stocks, and towards the second quarter, go into the third quarter, get out of value names and the growth stocks. liz: how do you define a value name? >> as we discussed before, old-school technology is one of my favorite plays right now, the 1990s names opposed to the new-school technologies, oracles, microsofts, and intels. liz: intel was out performing the first part of the year, and that fell off. >> true. liz: what has microsoft done? not exciting, oracle, definitely. >> not exciting, but if the market drops and it's flat, you

make up the 8%. if you are flat when the market drops 8%, in my book, you're up 8% and that's a win because you're not losing with everything else is benchmarked. high yield, the hyld that we talked about before, hyg. the tax implications, just don't by 3m or ibm. go into high every yield strurmts so -- higher yield instruments so after -- liz: spreads relative to treasuries narrow the, -- narrowed, which they have, is this the trade picked over too much? >> i think it has, but this is the next three to four months, nothing to model your ported folio on for two years. liz: it's a trade? >> it's a trade for the next three or four months to be stable, get the returns you're used to, and you have to see how it shakes out. look at everything. okay, i understand the tax consequences, what we're looking

at, and now i can plan ahead, and then by may or june, it's that turn around where you're going to be starting to get out of the products back into the growth names. liz: what do you say to friends who i'm just scared i'm going into treasuries? >> i just laugh at them. i really don't have any friends that act like that. liz: i say you're not my friend. thank you so much. >> thank you. liz: scott, happy, happy holidays. >> you too. liz: good to see you, scott freeze, closing bell in six and a half minutes. at the top of the hour "after the bell," full coverage of rim earnings, the blackberry. what's going on with the company? they had a nice move in stock, but we have an exclusive with randy potts, ceo and president of winnebago industries. they crushed it. the price point on the average, look at that thing! it's $300,000, that's right outside fox business studios

right now. we have the ceo with the vehicle and wait until you see which fox superstar is kicking back in there. stay tuned. ♪ [ male announcer ] this is amy. amy likes to invest in the market.

she also likes to ride her bike. she knows the potential for making or losing money can pop up anytime. that's why she trades with the leader in mobile trading. so she's always ready to take action,

no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. and the on numbers and today reaction, down about 6%, deutsche bank is cutting the price target from 75 to 65. it is 56 right now. the stock at a new 52 week low. the fourth quarter forecast would be disappointing and that is enough, pretty negative drop

as you can see. guess what? david asman not here today, but ashley webster there. ashley: i will try to fill in. a lot of good economic -- third quarter gdp revised up to 3.1, the market completely ignored it. we will focus on what is going on in d.c. john boehner more optimistic a little earlier, just a hit. that is why we are slightly higher. liz: a procedural vote happening, neil cavuto live with everything you need at 8:00 eastern because that is when the vote will take place that the traders watch it and so is nicole petallides on the floor of the stock exchange, standing at a place that will be changing the ownership, intercontinental -- that has to be the topic. nicole: this is the topic. monumental day on wall street. this is the 200-year-old institution and now